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sells woodada gas field

  1. Mangrove

    1,747 Posts.

    Well, not unexpected after Hardman sold a week ago but a bit dissapointed by the price. I think the loss of the cash flow was very poorly rewarded.

    I wonder just what they are going to do with the cash they are accumulating from the new issue and now this sale. I hope it's something spectacular.

    I was waiting for Nuini to come in but it's something to think about.Thoughts please Guys.

    "RE: Perth Basin Sale
    Bounty Oil & Gas NL (“Bounty”) is pleased to announce that it has sold its 25% interest in
    L4/L5/PL6, including the Woodada Gas field, to ARC Energy Limited (“Arc”) for $350,000.

    Bounty Managing Director, Tom Fontaine said “The profitability of the field has diminished for
    Bounty as we continue to purchase additional gas from outside sources to meet our gas
    contracts. Arc is in a better position to supply that additional gas from its existing Perth Basin
    reserves. It also has an active exploration program underway which will hopefully prove up
    additional gas reserves. In this context, this deal makes a lot of sense for both companies.”

    The funds from this sale will be used to further Bounty’s active exploration program in the offshore
    Perth and Bonaparte Basins, New Zealand and Tanzania.
    Yours sincerely,
    Thomas J. Fontaine
    Managing Director

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